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As I indicated in a recent piece in Bloggingstocks.com, I thought there was a good chance that the bid for Midwest Air Group Inc. (AMEX:MEH) would get a bump. This is fairly typical for hostile deals.
Well, that's what happened today when AirTran Holding Inc. (NYSE: AAI) said it will increase its offer by 19% to $345 million. This is according to a letter from the Chairman and CEO of AirTran, Joe Leonard.
While Midwest has been resistant, it will be hard to keep this up. After all, the current offer is very enticing for shareholders. And AirTran has now made its offer directly to shareholders.
Besides, as the airline industry consolidates, a small player like Midwest can easily get shut out. In other words, it's probably inevitable that the company will cave-in to AirTran.
Tom Taulli is the author of various books, including the Complete M&A Handbook and the EDGAR-Online Guide to Decoding Financial Statements.
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